Some of the most successful businesses come from an individual's ability to turn a hobby or passionate interest into a revenue generating operation. Identifying what you like, where you believe your skills or talents are strong, and then determining if there is a market for the resulting product or service is the essence of coming up with a viable business idea. This step and the next will guide you through this process.

The best place to start this step is with reviewing mistakes that people often make in choosing a business idea. Being aware of mistakes others have made will help keep you from making them for yourself. Some common pitfalls to watch out for:

Pitfall # 1: Rushing to make a decision

Your success will depend on the business idea you choose. Take your time to consider your options and explore your ideas - you may not get a second chance

Pitfall # 2: Turning a hobby into a business without doing your homework

Building a business around your hobbies or interests can be a great idea, but there must be sufficient demand for the product or service or the business will not succeed

Pitfall # 3: Not asking for help

There are many resources available that can serve as a sounding board for you to bounce business ideas off and to learn from. Be willing to test your idea on others and listen to their feedback; it will help you to further refine your business idea.

This session is divided into three categories:

Business Idea Development

Business Idea Profile

Types of Business Opportunities

There are a series of worksheets to help you organize your thoughts, and some information regarding different types of business opportunities:

Starting Your Own Business

Buying a Franchise

Buying an Existing Business

Action
Once you have completed the worksheets and reviewed all of the materials, there is a final worksheet in this session to help you begin to describe your idea. Make sure that you do not miss this final worksheet, as it will be critical to other sessions later on.

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